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Select Medical (SEM) investor relations material
Select Medical Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Q3 2025 revenue rose 7.2% year-over-year to $1.36 billion, with adjusted EBITDA up 7.5% to $111.7 million and EPS from continuing operations up 21% to $0.23.
For the nine months ended September 30, 2025, revenue increased 4.7% to $4.06 billion, with net income from continuing operations up 25.9% to $176.8 million and EPS up 44.9% to $1.00.
Adjusted EBITDA for the nine months was $388.5 million, down 1.5% from the prior year, with margin declining to 9.6%.
The company completed the spin-off of Concentra in late 2024; Concentra results are now reported as discontinued operations.
A $0.0625 per share cash dividend was declared, payable November 25, 2025.
Financial highlights
Q3 2025 income from continuing operations before other income and expense increased 32.9% to $73.0 million.
Net income attributable to common stockholders for the nine months was $126.0 million, up from $89.1 million year-over-year.
Cash flow from operations was $175.3 million for Q3 and $282.1 million for the nine months.
Cash and cash equivalents at September 30, 2025, were $60.1 million.
Q3 2025 gross margin was approximately 10.8%, and operating margin was 5.4%.
Outlook and guidance
2025 revenue guidance reaffirmed at $5.3–$5.5 billion, adjusted EBITDA at $510–$530 million, and EPS at $1.14–$1.24.
Capital expenditures expected at $180–$200 million, with $100–$105 million for maintenance.
Management expects continued revenue growth, especially in rehabilitation hospitals, but notes potential headwinds from regulatory changes and labor costs.
The company is monitoring the impact of the One Big Beautiful Bill Act and potential Medicare reimbursement cuts.
Critical Illness Recovery EBITDA decline reasons?
Repurchase impact on 2025 EPS outlook?
Labor cost impact on segment margins?
Outpatient rehab margin recovery strategy
Fixed loss threshold impact on patient mix/volume?
IRF growth strategy: new partnerships or facility size
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Next Select Medical earnings date
Q4 202527 Feb, 2026
Next Select Medical earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Select Medical Holdings Corporation operates specialty hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers across the United States. The company provides long-term acute care, inpatient rehabilitation, outpatient physical therapy, and workplace injury management services. Select Medical serves patients requiring extended recovery and rehabilitative care. The company is headquartered in Mechanicsburg, Pennsylvania, and its shares are listed on the NYSE.
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